Executes Definitive $10 Million Credit Facility Agreement VANCOUVER, British Columbia, July 26, 2021 (GLOBE NEWSWIRE) -- Marble Financial Inc. (CSE: MRBL; OTCQB: MRBLF; FSE:2V0) (“Marble” or the “Company”) an AI-driven financial technology company that educates and helps Canadians better understand and manage their current cash flow and credit towards a better financial future, is pleased to announce it has entered into an arm’s length definitive credit facility agreement (“Credit Agreement”) with CHP Agent Services Inc., a subsidiary of an independent, non-affiliated Canadian based alternative specialty lender, Cypress Hills Partners Inc. (“CHP”).
The Credit Agreement provides for a $10 million credit facility to Marble through its wholly owned Special Purpose Vehicle (“SPV”) subsidiary and TPFM as servicing agent for originations, adjudications, administration, and monitoring of the SPV loan portfolio. The aggregate amount of the funding is determined as a selected percentage (“the “Advance Rate”) of the SPV’s eligible customer loans, with the initial Advance Rate set at 95% and a minimum threshold of 80%. Interest is charged at Canadian Prime(1) plus 13%, with a provisional discount if the Advance Rate is less than 95%. The maturity date for all funds advanced is three years after the first funding advance, with an option to extend for a further two years upon mutual agreement.
https://www.globenewswire.com/news-release/2021/07/26/2268536/0/en/Marble-Financial-Executes-Definitive-10-Million-Credit-Facility-Agreement-With-Cypress-Hills-Partners-Inc-to-Fund-Its-Fast-Track-Loan-Product.html